BlackRock transferred 6,005 bitcoin — worth roughly $403 million — to Coinbase Prime on June 2, according to on-chain tracker Solid Intel. The same day, the Winklevoss twins moved 1,000 BTC (about $67.5 million) from Gemini custody into a Gemini hot wallet, data from Arkham shows. The transfers come as spot Bitcoin ETFs have seen net outflows exceeding $2 billion since mid-May and the price of bitcoin fell 11% in the week leading up to June 3, to around $66,973.
Why the moves differ
BlackRock’s transfer to Coinbase Prime likely relates to fund creation or redemption mechanics — Coinbase serves as the official custodian for the firm’s IBIT ETF. That means the coins aren’t necessarily headed for open-market sale. The Winklevoss transfer is a different story. Moving bitcoin from cold storage to a hot wallet often signals an intention to sell, though Arkham notes the coins stayed on exchange wallets and no sale has been confirmed. After the transfer, the Winklevoss entity still held about 8,328 BTC.
ETF bleed continues
The cumulative outflows from spot Bitcoin ETFs since mid-May now top $2 billion. That’s a sharp reversal from the heavy inflows that marked the first quarter of 2026. The price has followed: bitcoin fell 11% in the seven days to June 3. The timing of these two large transfers — within hours of each other — adds some psychological weight to an already nervous market, even if the BlackRock move is routine.
What’s next
Neither transfer has triggered a visible sell-off, but the market is watching. The Winklevoss hot wallet still holds the 1,000 BTC. If that bitcoin moves to a trading desk or to an external address, the selling pressure would become real. For now, the question is whether the ETF outflow trend continues through June — or whether the price slide starts drawing back the bargain hunters.
